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IIM Lucknow Launches National Business Plan Competition 'Nirvaan 2007'

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IIM Lucknow Launches National Business Plan Competition 'Nirvaan 2007'

Abhiyan, the entrepreneurship cell of IIM Lucknow, announces the launch of Nirvaan, the National Business Plan Competition. This event is held year after year for five years now with great success. Nirvaan, the Annual Entrepreneurship Event, is an initiative guided towards fostering the spirit of entrepreneurship among the younger generation of India.
Nirvaan goes beyond the B-Plans by offering incubation facility to the winners, which makes it unique. Nirvaan has also become the forum for the participants to interact closely with India’s top entrepreneurs, to showcase their business ideas and to get a feedback. The talks and interactive sessions by entrepreneurs also help the participants to understand the entrepreneurial experiences.

Nirvaan’07 will be held in three phases. In the first phase, top eight teams will present their plans during Manfest, IIM Lucknow’s Management Festival on 20th January, 2007. Evaluation of entries will be by a distinguished panel of judges comprising representatives from Baring Private Equity Ltd. and IndiaCo Venture Limited. The finalists will be then offered mentorship programme by India’s top entrepreneurs with the potential incubation to the winner to be worth as much as Rs. 20 lakhs by NirmaLabs. The incubation will be provided to all three winners by IndiaCo.

In this endeavour, The Indus Entrepreneurs (TiE Delhi) is a partner, while PNB is a sponsor of the event.

Abhiyan’s round the year activities are aimed at showcasing the best of India’s entrepreneurs, to let the students (both on and outside the campus) get a chance to interact closely with them, to understand what goes into making India’s top entrepreneurs. Abhiyan is one of the most active e-cells amongst all the B-school campuses in India.

IIM Lucknow has become synonymous with entrepreneurship, what with ever-increasing number of students opting to start their own ventures after graduating from IIM Lucknow. In year 2005-06, nine students opted out of the placement process to pursue their dreams including the batch topper and a group of 6 students who started a firm Indigo Edge straight after campus.

The success of Nirvaan 2005 can be mapped by the fact that Prakash Mundhra (SCMHRD), Runners-up of Nirvaan 2005, is living his dream of setting up his own entrepreneurial venture, after having received a nine-month long incubation package at Nirvaan. He has launched Sacred Moments a company that manufactures "Blessingz' Puja Kits" that saw a turn-over of Rs. 34,20,000 this Diwali alone.

The Guests at Nirvaan 2005 included Raman Roy, widely regarded as the pioneer and guru of the IT-enabled services business in India; Sanjeev Bikhchandani, the CEO and co-founder of Naukri.com; Sanjay Bhargava, Founder Paypal.

Nirvaan has had representatives from venture capitalist firms as well as a team of investors. Last year, Indiaco Venture Capital and Band of Angels were Nirvaan partners. IndiaCo specializes in mobilization of resources for enabling innovation through the lifecycle of an enterprise. The Band of Angels, on the other hand, is a group of angel investors who have taken it upon themselves to fund start-ups from the seed stage in order to help budding entrepreneurs.

Concluded.


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Contributed by -
Milton Singh & Taruneet Rekhi,
Senior Consultants,
finesse PR.






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